Modi is likely to ask UAE for more energy during his short visit, according to sources
Three sources say that Indian Prime Minister Narendra Modi is expected to visit the United Arab Emirates on Friday for a brief trip. He will likely?discuss energy supply agreements and seek support to increase his country's strategic reserves of oil,? they said.
Modi will make his first stop in the UAE on a 'five-nation' tour between May 15 and 20. The UAE is the third largest energy importer of the world, which wants to restore supplies severely disrupted by Israel-U.S. war against Iran. UAE's recent withdrawal from OPEC should boost its production and benefit countries like India.
Since the start of the war and the Iran's attacks on the UAE, it is rare to see heads of government visit the UAE.
The UAE is India's largest?supplier of crude oil, natural gas and natural gases. India signed a deal in January to purchase liquefied gas from the Gulf nation for $3 billion.
Modi is scheduled to meet UAE President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday, and they will discuss various issues, including?energy co-operation, according to the Indian foreign ministry. India's third largest trading partner, the UAE is home to more than 4.5 millions Indians.
Modi, according to the?three Indian sources, is also likely to ask for help in securing long-term supplies and crude oil to increase India's strategic reserve. They did not give additional details and declined to be named publicly because they were discussing potential government-to-government negotiations.
India currently has three strategic reserves with a combined capacity of 5,33 million metric tonnes (MMT). It plans to build two additional facilities with an additional capacity of 6,5 MMT. India has leased approximately 1.5 MMT from its existing capacity to Abu Dhabi National Oil Co.
The Indian oil and gas ministry did not reply to an email requesting comment. ADNOC refused to comment before the visit, and?the UAE Foreign Ministry did not respond to a request for comments via email.
Modi was the first Indian prime minister to visit the UAE in 34 years when he visited the UAE in 2015. This will be Modi's eighth trip.
Both countries plan to double their bilateral trade in six years to $200 billion and to form a defense partnership. India's main rival Pakistan has signed a deal with Saudi Arabia to form a defence partnership. The UAE and Saudi Arabia have been at odds in recent years.
Modi is scheduled to depart from the UAE for the Netherlands and Sweden. He will also visit Norway, Italy, and Norway. Reporting by Saurabh and Aftab Ahmad in New Delhi, and Yousef Saba and Nidhh Verma in New Delhi. Additional reporting by Nidhh Verma and Krishna N. Das in New Delhi. Writing and editing by Thomas Derpinghaus.
(source: Reuters)
